276 thoughts on “CHARTS OF THE DAY – QQQ

          1. Bob

            I did look back 5 years but that is all pre-bubble. I would imagine as we progress in the bubble the lows for bulls will be increasing.

  1. jacob2

    Chicken shit and superstitious. Looking for an autumnal tumble. Post election years that end in 7: October 1987, Dow plunged 22% in a single session, fall 1997 the Asian currency crisis, fall 2007 the great decent begins. Raising cash.

  2. TraderPete

    I found this article on the internet about moon phases and trading. Take it for what it’s worth.

    “In an experiment conducted on an arbitrary set of commodities for the year 1972 (Todd Lofton, July 1974, writes about his observations) it was shown that short-term movements of prices react with some uniformity with respect to the phases of the moon. In fact, the commodities chosen for observationโ€“silver, wheat, cattle, cocoa, and sugarโ€“showed an uncanny ability to form a rising market following a full moon and a falling market after a new moon. [Source: Commodity Trading Systems and Methods, P.J. Kaufman, p. 205.]”

    “Many traders believe there is a direct correlation between the primary phases of the moon and the points at which any given, freely-traded market will reverse direction. To say the least, this phenomenon is quite amazing and has nothing to do with astrology and everything to do with astronomy and physics.”

    “The cycle of the moon from new moon to new moon is called the synodic cycle. It is 29.5 days in length. This cycle, although invisible, appears to have quite an effect on the markets.”

    Unfortunately, we don’t have any freely-traded markets anymore. They are all pretty much manipulated, sorry to say.

    1. Steffmeister

      Great stuff!

      Markets manipulated 24/7 nope I don’t think so, maybe more like shoplifting. The act at certain times when nobody is looking. I’ve got proof of a moon/sun phase trade that works.

      Great charts Gary, very convincing however we are in the end game maybe 2-3 more months. I said Q3 several times before, but the EW wave structure indicates that we got more up waves to come.

        1. Steffmeister

          By end game I mean the final fifth wave up is complete, then a multi year correction. I am not talking about nuclear war or a new Hitler/Stalin/Mussolini …

  3. zkotpen

    Speaking of the moon and the sun:

    big, big, big…

    Total Solar Eclipse
    21 Aug 2017, 15:46 UTC

  4. Kruzoe

    My mouse does not care about the moon, sun or mars. It only cares that I click the left button. So, let’s make some moolah to-day. Buying Dust in the pre-market.

    1. Pedestrian

      Check your short term technicals first. I think we are going to see a bounce today so don’t get caught.

  5. Pedestrian

    Silver, gold and platinum are all pretty much trading sideways overnight. This is what I was hoping for. So we should see a bounce today and tomorrow which results in a second peak forming and thus a very short term trade higher. The bulls will naturally be elated and as usual start patting themselves on the back for a job well done since a rise will appear to be vindication they were right.

    They are not correct though.

    It’s a bull trap coming. My expectation is for a lower peak (left translated) which we can readily interpret as bearish and there will then be a second opportunity to enter short positions for the sharper leg down next week.

    Note to the retards in the room….This is two separate trades.

    Should the second peak right translate however it will likely result in a bullish outcome. The odds of that happening are very low at this time however I can still be surprised by gold sometimes. Maybe Kim Kong has a new missile on tap.

    I hear he might name it My-Big-Bang-Dong
    (They all end in Dong it seems. I am not making this up!)

  6. zkotpen

    Pedestrian,

    I concur, though I was kinda looking for a little move down early on to the red champagne glass which, for me, has moved to the 1262-63 area. Then bounce, likely as you describe.

    But what I wanted to draw your attention to:

    Do you recall our little discussion on China late last week? ๐Ÿ™‚

    Perhaps there’s a pattern to their superstitions?

    Go long on 07/07, sell short on their “lucky day”, 08/08… since we often talk about seasonality.

    Remember the Beijing Olympics commenced on 08/08/08 at 08:08 p.m. — not by chance.

      1. Pedestrian

        Thanks Zkot. I ‘m aware of the 8’s but don’t focus on it too much. It’s more a 666 and 777 thing on this side of the ocean.

        1. zkotpen

          Well.. this year it was likely YCH.
          2016 was 09/08.
          2015 — final big shorting opportunity on 08/10 (08/08 was a Saturday).

          Sometimes it matters, sometimes not — seems to matter more frequently than your typical any old day among 252 trading days of the year…

  7. zkotpen

    At any rate, whenever the current corrective bounce is complete, it looks like FXI (China) will be making its way down to its 50 day SMA.

  8. Goild

    Good morning,

    Skot’s 1:3 trading procedure. Fine, mathematically might be fine. It is only 20% of the trade. 80% is the pshycology.
    But wait, Gary goes by sentiment and oversold conditions.

    But wait, there is a better way. That is when you know how to read the candles and know that the trade is extremely highly probable.

    I have my hands tied again and will be away mostly.
    Make money today!

    1. Gary Post author

      LOL if one could read the candles and correctly predict the future with consistency everyone would be a billionaire.

      Clearly candle reading isn’t the way to riches as there are very few billionaires.

      1. Gary Post author

        There is no sure fire way to make money in the market.

        At the end of the year the challenge will show this. Sometimes one system will work for awhile and then another. Those that can adapt the quickest to changing market conditions will tend to make long term gains.

        Those that stay stuck with one system will probably fall victim to making money then losing it, then making it, then losing it.

  9. Goild

    It would be nice to hear about the different approaches to trading posters here have.
    Good trading to all.

    1. TraderPete

      I use Times-Series, Cycles, Sentiment, Technicals, and Syzygetic Positions of the Sun, Earth, and Moon, especially Syzygetic Oppositions. The main causes are Gravitational Waves (GW), Tidal Waves (a subset of GW), and Electromagnetic Waves. There are four forces in the universe that are recognized by physicists, they are: Gravity, Electromagnetic, Weak-Nuclear, and Strong-Nuclear. Sometimes I use darts or tarot cards. ๐Ÿ˜Ž

  10. Kruzoe

    Mighty Mouse vs Moon Shots (earth, saturn and mars varieties). Traders can now do a lot more with less. The end result is the same: trying to make more coins. Talking about coins, I managed to convert my bitcoin to litecoins.

  11. zkotpen

    Goild,

    Actually, the risk:reward calculation is a filter or gateway — that or a similar risk control gateway should precede any trading procedure:

    Is risk:reward less than 1:3, based on your procedure?

    If yes, execute your procedure. If no, wait for answer to be “yes”.

    Has your procedure generated a buy/sell signal?

    If yes, enter the trade, including stop loss and target(s) generated by your procedure.

    If you get stopped out, it will be a small loss; if your trade is profitable, you will cash out reasonably well. But the important thing is, you’ve kept your quantity exposed to risk under control, never letting it get out of hand.

    Wish I had known this 5 years ago!!

    Actually, 5 years ago Saturday was appendix explosion.

    Sunday will be my 5 year anniversary of trading.

    Wish I had calculated and rigorously applied risk:reward back then.

    But I’m applying it now!!

  12. zkotpen

    Goild,

    Have you looked at the USDZAR and EURZAR charts?

    I am curious to know your thoughts, as these are the most volatile currency pairs this side of bitcoin. (i.e., highly liquid worldwide) and I kinda think of you as a chart surfer… these pairs would be akin to going from the Jersey shore to Durban or Cape Town, especially with leverage.

  13. Bigdaddy

    Sold my remaining 500 SLV at 15.84. (paid 15.44) If Ped is right and i think he might be, i should be able to buy back at better price.

    1. Nada

      You’re not listening. He expects a move up to trap bulls before a move down. With FOMC minutes at 2pm today and the activity over the past few days in regards to money flows, I am suspecting a move up in PMs – Gold target of 1316 minimum (spot).

      1. Spanky

        1316 would be beautiful. I wouldn’t even care if that was the absolute top and we fell back $60 from there.

        If that ended up being the top for the next 10 years, that would be a different story.

    1. Gary Post author

      Watch the Dow. If it can close above 22125ish then we have another leg up. Possibly to 23000 before the intermediate correction.

    1. Christian

      What do you mean context? You’re using a pitchfork to produce Support and Resistance zone and you’re following momentum. You’re not doing anything others aren’t already doing.

  14. Kruzoe

    Got out of my 2k Dust, practically at even. Bought Nugt. It’ll be champagne or California wine this week end.

    1. Christian

      The 15 min chart is currently overbought but the Day chart looks ripe for a bounce. You should be able to cash in on a couple of points on this one. Nice trade ๐Ÿ™‚

      How far down did you place your mental stop-loss? Just in case..

  15. Pedestrian

    Nice, USLV up 40 cents already and my play is working as forecast. It does not always go so smoothly but when it does it feels good. Maybe that’s why I like short term trading. It gives you that instant reward if you’re right. A bit like the gamblers rush I suppose. But it beats waiting weeks for something meaningful to happen.

      1. Pedestrian

        Nope. Save the sarcasm. You don’t get real time trades and neither does Gary. I wrote about the set-up in detail during the premarket and that’s as much hand holding as I am prepared to do with you guys anymore. You have to do your own homework and fly on your own wings.

        Easy trade actually. Most of you guys are too lazy to bother to make time for a few percent anyway so no skin off your account if I don’t tell you when I enter or exit on a quickie.

    1. JJHarmen

      Are you suggesting that you bought USLV yesterday because it sure looks like one of those “after the fact” baloney trades Gary hates.

        1. Christian

          Oh and PEDO.. No one gives a F*ck about your real time trades ๐Ÿ™‚

          *Sarcasm not included in this post.

        1. Christian

          Writing about it is completely different than making a real time call. We want REAL TIME calls here or else we don’t want to hear about it. It’s that simple dimple.

          1. Pedestrian

            Oh my you are fussy. Why don’t YOU stick your neck out and lay out a trade in detail with explanations like I did and then get back to me. The only other person on this site with the balls to do that is Gary.

            Not you.

          2. Christian

            Nice try Ped. Everyone on this blog [including you] knows that I post all of my trades in real time, including the ones that don’t work out, Lol!

            I’m just not dumb enough to get caught in the whipsaw like so many of the cowboys on this blog, and would rather sit on the sidelines like a good ol’ boy ๐Ÿ™‚

          1. Pedestrian

            It’s a bull trap. Unless Yellen blows the minds of everyone and silver goes vertical the plan is to take a short position when this rise shows signs of exhaustion or a clear top. Then ride it back down. Like I stated, it’s two trades.

    1. Christian

      Not necessarily — This could just be a back test of the breakout and ERX could be putting in a higher low. Watch the 15 min chart.

    1. Christian

      The 15 minute chart is still very bearish Don and momentum is to the downside. What pushed you to buy now?? I’m curious.

      1. Don

        I was looking for a bottom some where between 46.50 and 47. Yesterday’s action in crude looked like it may have been a bottom and today it looks stronger. I don’t trade off 15 minute charts.

        1. Christian

          You most definitely need to drop down into the smaller timeframes in order to pick up on momentum, especially when trading a triple leverage.

          Why? Trading with momentum on a triple leverage increases the probability of a good trade, or else you’re playing Russian Roulette.

          1. Don

            Chris: No big dollars involved on the trade. If it goes bad, I will sell. Long term holding of GUSH is not smart.

  16. Lenapowich

    Everyday, when I get to work, I check GDX and it never seems to be going anywhere. It’s stuck. Is that a good or bad sign? Anyone?

    1. Nada

      It’s called consolidation. Short term, its trying to reclaim the 10ema which is a bullish move. Longer term, its stuck in a triangle. If not long already, wait for the breakout of the triangle and long on a successful backtest of the b/o. Since you are already long, the chop is going to require patience.

      https://i.imgur.com/r0MaBES.png

        1. Lenapowich

          Thanks guys! Nada, do you think it’s going to break up through the channel or fall back to the lower line?

    2. Spanky

      Volatility is compressing. Think of it like winding up a spring in a jack in the box–i.e, you are building up potential energy, like water behind a damn. At some point, once the tension is sufficient, the Jack pops out or the damn bursts. Keep in mind that you can get very large headfake moves out of such compressed volatility before it ultimately reverses and heads the other direction.

      Here’s a chart of commodities back in 2013. After a very low volatility period, there was a huge and relatively short headfake up, followed by a massive and sustained drop.

      http://stockcharts.com/h-sc/ui?s=GCC&p=W&st=2013-01-01&en=(today)&id=p25930465664&a=539833901&listNum=1

  17. HomerJ

    Another day, another drop in ERX. Gary, you just are way too stubborn to accept a trade going in the wrong direction. Must be easy to just delete a portfolio and pretend it never happened.

    1. Don

      Homerj: Have you ever tried paper trading? You will always do better than with real trades because there are no emotions involved. No fear of losing real money so you can hold a losing ETF until hell freezes over and it might come back. That said, that strategy would never work with high decay ETFs like JNUG or NUGT and their inverses.

      1. HomerJ

        Don, yes I tried paper trading back when I first started in the stock market, IN 1995. As a provider (supposed) of trading service like SMT, paper trades should be the first red flag. If the seller is not in the trade with the amounts specified, then get the fuck out.

    2. dboz

      I would not count GARY out on energy just yet. Looks to me like things could explode here in the very near future. Like this week or next. NG on the brink, WTI on the brink. Could see HUGE upside. I keep getting whipsawed but I have some serious FOMO right now. Got back into small UGAZ and UWT positions this AM.

      1. Nada

        I think the point everyone is trying to make.. Not that Gary made a bad call on oil (ok some will say that), but that he will just hold until it turns around. If real money was on the line, then he would have traded differently. It could take 5 years, but that doesn’t matter on a paper account. You hold until it turns green, then sell and make your paper portfolio look wonderful – or delete it.

  18. Spanky

    $WTIC is tough call especially if you look at on the monthly chart. It will complete a death cross next month. Typically, you often see price rise to meet the declining 50 month MA after the cross. How it reacts at that 50 month MA will tell you a lot about the nature of the bull or bear.

    In contrast the miners are much further a long in this process. GDX monthly had a death cross last year and the miners have been riding the 50 month MA down for the last year. the 50 month MA now seems to be flattening out a bit and price is literally hovering right on top of it.

  19. Don

    Added to my SOXS collection a few minutes ago. I guess I am not buying into this stock market rally. The worst two months of the year are upon us.

  20. Spanky

    Low volume day so far for the miners. I expect that to change bigtime at 2pm est. Expect the worst, hope for the best I guess. Being the pessimistic person I am, I expect the minutes to produce a reversal in the metals and miners today (i.e., send them lower). Will be pleasantly surprised if it does the opposite.

  21. Spanky

    Today could produce a significant break out in silver. We just need to sustain this level around 16 in SLV into the close, IMO. Obviously a higher close would be fantastic.

    Is today just another example of Lucy pulling the football away from Charlie Brown?

  22. Don

    I’ll bet Ped won’t tell us when the top is in for silver/ gold and when he flips from long to short until well after the fact. Selfish.

  23. Christian

    ERX โ€” The 15 minute chart is over extended and I’m looking for a swing trade.. I’m gonna go ahead and grab 1000 shares @22.82

    1. dboz

      Yep, I started to scale back in today. UGAZ and UWT. Not quite yet for GUSH. GARY will be right on his energy trade just WAY TOO EARLY. Tough to time and whipsaw killing everyone.

    2. Christian

      It’s risky but we should get a bounce of some sort ๐Ÿ™‚

      It’s too bad that we don’t have Ped and his infinite wisdom to guide us in and out of this trade โ€” I shall cry myself to sleep tonight.

      1. Bigdaddy

        Gary was right, the stock market always goes up prior to the FOMC meetings. Going to get on that next time around. It’s a sure thing.

      2. Pedestrian

        You have me right here Christian so you can sleep like a baby. I already commented on this yesterday so no need to repeat myself again. I warned Troy not to buy UWTI and gave a partial explanation why but he never responded and took a big loss today. Not my problem but here’s my comment:
        ————————————————–

        Pedestrian
        August 15, 2017 at 10:17 am

        Commercial traders who use the Canadian dollar as a hedge are nearly record short CAD right now and its been falling continuously since the end July. Are you really sure you want to bet against those guys? The WTI chart is on the cyclical downside of its chart pattern. Hows 40 bucks sound to you? To me you are just catching a falling knife here and it makes no sense going long crude right here. This has got disaster written all over it unless you are just playing very short term swing trades.

        Not trying to bug you Troy but please look at the following chart closely. Can you not see the symmetry of WTI on its daily level? Just a casual observation will suggest it wants complete its decline. On a technical level, the MACD is turning down on the daily chart and volume is declining. You may get a short term bounce because its sitting above its 60DMA now but to me that is not a position to hold too long.

        WTI at the daily chart levelโ€ฆ..There is near perfect symmetry here.
        http://finviz.com/futures_charts.ashx?p=d1&t=CL
        —————————————

        Don
        August 15, 2017 at 10:34 am

        Thanks Ped, and that is our cue to start thinking about going long crude oil. I said I would be looking at crude (not stocks) when it got down to the 46-47 dollar area. Now I am confident on that.

        =====================

        I guess confidence does not pay Don.

  24. Bigdaddy

    S.O.B. I sold SLV way too early and now i am without any silver exposure . Still have 4000 HGU though.

    1. Don

      BD: I am not sure why you sold SLV. If you recall, I was buying yesterday. I hope your not slipping into those old bad habits. HGU is looking promising.

  25. Kruzoe

    Wow, looks like I’ll be making enough money on my 2k Nugt for champagne. Putting a stop at 32.75 for about $2k profit, enough for 2 bottles.

  26. Nada

    What a ballsy move. So some of the CEOs on business council didn’t think Trump’s language was harsh enough against nationalism rally and resigned. Trump says, FU and disbands the entire councils. Wow, we have a President in office folks!

    1. jabalong

      Exactly Spanky, this is the opposite of presidential in office, more like the behavior of a wannabe despot.

  27. Don

    Ped: This is your chance to show us you really know your stuff and didn’t just make a lucky 50/ 50 call. Tell us when you are going short on gold.

    1. Pedestrian

      None of my trades are lucky trades. I plan them Don and intend to win and I don’t need to prove anything to anybody here. Especially you. I see you are down 75 cents a share on GUSH in one afternoon. You really need to start looking at technicals before laying down your money or you will never get out of this losing pattern.

      1. Don

        GUSH was a 800 dollar trade asshole. I have over fifty thousand into silver and gold miners. You have everything to prove that you are not an armchair trader.

  28. allthatglitters

    JDST has retraced to 62 and change, this is where you want to reload on the JDST. Gold is not currently showing anywhere near the strength it needs to get thru $1300. What can’t go up must fall down.

    1. Nada

      You might be right. FOMC minutes will tell us. Might see a move to 1266ish before moon launch ๐Ÿ™‚

  29. JJHarmen

    All those guys that bought ERX at $30 must be ready to vomit. Even worse for those who have averaged down. I am ready to call it quits and I only bought today.

    1. victor

      ya, sorry guys I took your money…, but I’m selling at this support. still going to keep 30% to ride a bit more down.

  30. Spanky

    This is definitely constructive action in SLV and miners so far. If we close here or higher, I will absolutely take it!

  31. Spanky

    T minus 3 days (or less) until Gary changes his tune yet again and gets bullish metals and miners.

    1. Spanky

      After ridiculing “emotional goldbugs.” Maybe his pride will keep him out just long enough for a nice whipsaw.

  32. Don

    Pedestrian called for this rally yesterday and he will let us know when it tops out and heads down, won’t you Ped?

  33. 1970confused

    Have not posted in awhile but always reading …..may I say that this might be finally the last whipsaw and now heading north for good??!! Hope i’m not to early and jinxing it ๐Ÿ™‚

    1. Spanky

      Eh whatever man. It seems like its always yanked away from “emotional goldbugs” everytime they think they have a winning position. Like I said, expect the worst, hope for the best. It’s the only way to invest in metals. Lots of people still on the fence about bull vs bear in gold. I can’t imagine that uncertainty is going to be resolved in a slow, plodding manner. More like an explosion that leaves lots at the station (bull or bear!).

  34. 1970confused

    Its been a long 13 month correction off the impulse move we had. Lets get over that 1300$ gold and have fun again ๐Ÿ™‚

  35. Don

    Ped, do you seriously believe I would time my trades according to what you say? LOL!!! I am not a day trader and will continue to hold my silver and miner positions until I believe we have a top. Your assessment mean zero to me and probably to most others here.

  36. wifesaidnomoretrading

    Gary is waiting to short next decline my friend as shorts today got skinned meanwhile I trimmed JNUG @ $18.10 back to half position

  37. Goild

    Just landed to find out jnug rocketing.
    The feeling is not that nice.
    As I Sold Yesterday.
    Enjoy the ride to the moon.

  38. Lenapowich

    Wow, what a difference from when I last check the markets. GDX is moving up nicely, finally. I would feel even better if it would exceed the recent 23.20. It would be very discouraging if it falls back again. Please, go up!

    1. Spanky

      Yes, perfect place for a whipsaw. break it above the trendline for a day or two and then send in crashing back to earth thereafter. Or not!

    1. Spanky

      Lol. I’m right there holding tight. Hopefully our booster rocket was not manufactured by Morton Thiokol.

  39. Kenny

    Gold, bonds and S&P all up. That’s not going to last. At least one will be closing down on the day and setting a new trend. eni-meni-mini-mo

  40. dboz

    Way too bullish around here. Happens every time. Big spike up then collapse 2-3 days later. Not getting excited here one bit. Am upset I sold JNUG yesterday but could have just as easily ended up a 7% down day also.

    1. Nada

      Yes we have seen it time and time again. This time, we will have shorts thinking the same logic. As a matter of fact, gold is busy at the moment sucking them in. Wait and watch what she does on the break of Friday’s high. To the moon baby!

    1. Christian

      I’m thinking that if you stretch the rubber band far enough — watch out when it snaps!

      And then I got to thinkin.. “Man, if I was only as good as Pedestrian ๐Ÿ™‚ I would take over the world but alas..” Lol!!

      I’m holding steady Don. And no matter what.. there is always a bounce, so I’ll either make some lunch money on this trade or break even — I’ve done it many times before.

      1. Don

        I was wondering what you thought about gold and silver. Do you think we going to add to the gains in the days ahead?

          1. Spanky

            What about a short first cycle and this is DCL#2. I know its less likely, but is it impossible?

  41. Pedestrian

    For Spanky (who loves informative charts):

    Check out DSLV sitting right on major support. If it flies up from here silver is going to be taking a bloody clubbing to the face. This pattern is dicey though and we could see it drop below support so don’t do anything rash. It’s a wait and see for another day or two at least especially considering this is daily chart level view.
    http://finviz.com/quote.ashx?t=dslv

  42. Americano

    Bitcoin etching that bull flag. Think new ATH tonight. 6-7K by EOM October…..dump to 4-5k then moon to 2018. $17K is my projection for 2018.
    10K in 2018 is a layup.
    I think gold will do good too. May hit $1400 even 1500.

  43. Pedestrian

    Here is another Spanky. Again, keep in mind this is a daily chart so its not great as a timing tool. It does give an indication of where things are going though. Does this chart look to you like its about to break down anytime soon? A bounce looks probable near 45 if that support line holds. I will enter after the bounce if she treats me nice.
    http://finviz.com/quote.ashx?t=dgld

  44. wifesaidnomoretrading

    1300+ I sell my JNUG and buy JDST in mid-50s. Ppl selling JNUG yesterday and this morning just don’t get it… okay the volatility. You can only buy dips when selling into strength first…

  45. vin

    Goldbugs! Goldbugs! Garry has been hitting them with 2 by 4 and yet they only talk about gold. To-day you guys made a lot of money. So what? It is not about making money, it is about being right in the long run.

      1. vin

        It is not a laughing matter. If you bought jnug @ 44 or so, keep it because one day it will go to $2000 (or, that is from 11 to 500, before the split). But, most will not have the patience and they will never make money.

        Now, it is qqq. Just watch is double to quadruple in less than a year. And, the rise has already begun. Don’t miss out on this one.

        Be sensible and listen this time. May the force be with you.

  46. roadrunner

    With gold/Silver, we are back to where we were on Monday. It still seems we have a DCL coming up. lets see how the week closes.

  47. Nada

    Looks like it was a day trade for someone in regards to GDX;

    https://i.imgur.com/ENDWQKo.png

    Does not mean miners will not go higher, but someone wanted to take profits at top of triangle. Does not bode well for continuation of the move, but who knows.

        1. Spanky

          Because he is nothing but a momentum trader using insane leverage now. When was the last time he actually bought an ICL in the miners and held anywhere near the IC top? 7 years ago?

          1. vin

            That doesn’t sound like Gary! He has always advised us not to day trade. He has consistently told us to go for the long run. Am I missing something?

            Presently he is talking about qqq, doubling to quadrupling in less than a year. What are your views on that? Should I buy tqqq to make myself wealthy? Your advise will appreciated Mr/Ms Spanky. Thanks.

    1. dboz

      Typical, leave the retail holding the bag on the false break out hopes as it gets dumped in the next couple of days. Typical short short squeeze with these. See it every time. Should have played it that way but did not trust it this time. Thought it would be different. Guess not.

    1. vin

      Gary has been hitting us on our heads with 2 by 4 to stay away from gold! It is qqq all the way. In a years time one could make a bundle, and a big ONE.

  48. Nada

    In regards to the GDX selling on strength. I am in GDXJ so I really do not care since it is above the trendline. However, GDX was at a spot to take profits – it was at the top of the triangle pattern and someone did the correct move and sold. The GDX buyer came in yesterday and sold today, it always was a day trade for them. That is not the story for GDXJ – they are not a day trader, they are a swing trader as they do not like commissions. Of course we could be down tomorrow after todays strong move, but we will have to wait and see.

    Now ignore all that BS and think about this. I personally was bear on gold before it broke the 6 year trendline.

    **I will say it again: This is a 6 year breakout.**

    I have switched camps now as gold made a believer out of me. When this happened back in 2013, gold moved 300 dollars in 1 month;

    Gold Weekly
    https://i.imgur.com/ZFyu054.png

    So trying to time the wiggles may prove difficult. In regards to cycles, a different perspective to keep in mind. Another prominent cycles guy, is of the opinion that we are in the second daily cycle (not the first);

    https://i.imgur.com/f0ijG6T.png

    So we could have potentially completed a HCL in the last few days – this lines up with my target of 1316. Ok, I am done with my rant. I need to go do some systems checks on my rocket, as we are headed to the moon – I will send you bastards a message when I land!

  49. vin

    Does today’s increase in gold price has anything to do with Trumps’s disbanding his two councils of business leaders? Or, is this all media hype?

  50. dboz

    Just go back to the top and look at my gold post. See a possible 15-20% gold rise in the very near future. Like in the next month or maybe less.

  51. Spanky

    Gold and silver’s outside weekly candles from last week are still intact and thus portend more upside.

    1. Spanky

      Note how the Dow’s MACD has already rolled over and is headed down. I think this H&S has a very decent shot of triggering.

      1. Pedestrian

        Holy shit, the guy is a nutcase!

        I recall reading one or two of his posts years back but I sure don’t remember any sounding like this one. It’s right off the beam. And that’s what he charges a subscription for? Man, the shit that passes for knowledge in the internet gold community is right over the top.

        Sorry I asked Magnum

        1. jabalong

          Wow, what has happened to Clive Maund?

          I used to read his stuff years ago and it was nothing like that “neocon-zionist alliance” blather, just sensible metals analysis.

          It just goes to show how a post-Brexit/Trump world has given people licence to reveal their true thoughts and it ain’t pretty.

  52. MagnuM

    I am a very nervous gold miner bear with the stubborn bull price action as of late.

    Quick! Someone tell me what I want to hear and/or make me feel better! ๐Ÿ™‚

    1. vin

      buy jnug and as Gary has said, one day it will reach $2000 and you will feel better. In the mean time he says stay with tqqq as qqq will double or even quadruple in less than a year. I am sure that will make you even better. May the force be with you.

  53. allthatglitters

    Hats off to anyone who made money today. But Guys, where did all this insano to the moon bullish sentiment for Gold come from all of a sudden? Another buffoonish Trump move that will be forgotten tomorrow? Another noncommittal wish-washy fedspeak moment?? Nobody believes Gary when he says beware the whipsaws??? Crowd sentiment like this makes me incredibly comfortable to stay in JDST.

    1. Nada

      A lot of the bullish comments were made be me today. I was “mostly” joking about the moon stuff. However, there is a potential that we are in a second daily cycle and not the first. If that is the case, then this cycle could have much further to run before we get a correction.

      We are still in danger of gold reversing, I will give you that. If we break above last Friday’s high, then that changes things.

  54. Ed

    You don’t really have look any further than where the gold price is hanging around most of time.
    Last night, all the shorts were trying push gold price down $1,280, 1,275, then $1,270 all the credit goes to the 2AM-3AM Raiders. Like I said many times in the past Trump is the best friend of Gold Bulls.

    Now the price is sitting at 1289.??. It will be sitting there until some catalyst hit it hard enough to move it well over $1295ish. Then a push over $1,300. After that it will be all clear to 1,375. From $1,375, it will just rocket higher, and the final destination will be anyone’s guess.

    Good thing I got in 100% before the move.

    It is always better to be one year early than a day too late.

  55. Ed

    Then again, it can go total opposite direction.
    After daily midnight raids for let’s say 3 nights, the gold price finally breaks below $1,280, and then resume the same march toward $1,200.

    Just remember, not all PM miners and Streamers are created equal.
    And all ETFs are tools of manipulators, either private or public.

  56. wifesaidnomoretrading

    1300 will be here by Friday morning ๐Ÿ˜‰ JNUG will get the squeeze Friday afternoon but will also be holding over the weekend. In & out tomorrow maybe some intraday shorting Friday. Usdjpy looking at 109.3 support which is a vortex

  57. Bluebellkid

    GDX is about as neutral as you can get. The Accumulation/Distribution rating is C and the Up/Down volume ratio is 0.8 or slightly bearish. GDXJ’s A/D rating eased up to B- today from C+ this morning and the U/D V.R. is 1.0. These are lagging indicators but at present show indecision on the part of investors.

  58. Bluebellkid

    From the Big Picture:
    With eight distribution days weighing on the Nasdaq, there’s reason to remain cautious with stocks. Granted, many of those days of higher-volume losses were mild in character. In the past, the market has been able to withstand such a high number of distribution days.
    Still, they represent days when institutional investors sold more than normal. Moreover, there’s been a cluster of distribution in the past week and a half.
    This week started out promising, but there’s been no follow through from buyers. On Monday, stocks rallied after a thaw in the U.S.-North Korea missile standoff. Tuesday’s minor losses were normal considering Monday’s gains. On Wednesday, buyers continued to stay at bay.
    While the Nasdaq has led all year, there’s evidence that selling is more pervasive right now in the composite. Its Accumulation/Distribution Rating has dropped to the lowest-possible E. The S&P has a C- rating.
    Also, the Nasdaq’s advance-decline line has been sloping downward more than the NYSE’s line over the past three weeks.
    Is it time to flee into the safety of cash? No, at least not yet. Leading stocks continue to move acceptably well, save for a minority whose breakouts have produced little or no fruit.
    After Thursday’s rout, a couple of signals indicated that indexes would make a low, and so far those signals are holding. The put-call volume ratio spiked to 1.14 Friday, while the CBOE Market Volatility Index surged more than 20% above its 10-day moving average.
    The Nasdaq and S&P 500 remain above the 50-day moving averages, and as long as they stay above those lines it’s a positive sign.
    Metals, mining and some retail stocks led Wednesday’s trading. Metals prices climbed amid supply problems and a crackdown in China on illegal aluminum mining.

  59. Ed

    It’s all news driven.
    Fundamentals have not changed a bit from last week.

    Mario Darague drove stocks higher yesterday. Not a single word was uttered by him but every financial media was reporting he is not going to say anything about QT at Jackson Hole.

    Today, Minutes from last FOMC meeting suggests QT starting September. That drove stocks lower and Gold higher

    And Gary Cohn and his Economic Council members quitting, that just paints dark cloud over Trump’s fiscal and economic policies. Cohn, what an asshole. Something about his Jewishness got all offended by Trump’s remarks on Charlottsville. I think he is forgetting Trump’s own daughter is Jewish.

    I think these whole thing about Charlottsville sounds like another set-up by Deep State to bring down Trump. A good set-up by Wall Street elites, Blue and Red politicians, to make Trump a fall guy.

    They waited out North Korea in hope, may be, just may be, Trump was forced pulled the trigger. With that effort gone in vain, now they bring out Trump’s racist cards?

    Until all these bad feeling about trumped-up Trump’s racist charges disappear, I don’t think we are going have anything done in White House and Congress.

    Without any stimulus comings, stocks will tank and Gold will shine. That’s my taking on economy.

    Seeing a Confederate Robert Lee statue coming down by a mob of ignorant millennials and they spit and kicking on the fallen statue was all I need to see. Such a disgusting and revolting scene.

  60. Ed

    And what’s the deal about Mike Pence cutting his South American tour short.
    What is he thinking?
    What kind of appearance is he projecting to the public?

    I remember when Ronald Reagan got shot, Alexander Haig said something about “he is in charge of White House.” That was end of his political career.

    I think Mike Pence is making same mistake. I think Trump has more hard core enemies in his own party.

    All these late political developments are not good for STOCK MARKET. And such time frame is getting a longer longer. A long trenched incessant political fight will get spilled over on debt ceiling debates and tax cuts and economic stimulus policies. Fed’s Janet Yellen if she sees Trump as one-term president followed up by Democrats, then she will not hesitate rate hikes and sabotage any of Trump’s economic stimulus plans.

      1. Ed

        Didn’t quit. He let all his member quit and informed Trump he is disbanding the council. By doing what he did, He has done worse service to Trump. He didn’t quell a media reports that said “he is disgusted with Trump’s remarks.”
        That’s not how you serve your boss. Trump should kick him out of office OFFICIALLY.

  61. Ed

    Gold went up as high as $1294.74…after Steve Bannon’s interview.
    Something about people served in Marine Corps and Navy.
    They are a lot different from people served in Army and Air Force.
    That’s just my own observation.

    1. Ed

      Except John McCain…
      He was no hero. He was just a POW.
      George W. Bush was Army Reserve, Al Gore was Army. HR McMaster

      Anyway, GOLD is going up.

  62. bginvestor

    I’m your huckleberry!

    25% equity SLV buy stop at 16.29
    25% equity GDXJ buy stop at 33.65
    50% cash

    email sent as well

  63. Ed

    See, I told you about $1,295.
    We are not out of woods yet until we clear well above $1,300.
    As long as whipsaws are trending higher, I am OK with that.

    1. Gary Post author

      Make no mistake we still have a DCL ahead in gold. A move above 1300 isn’t going to stop that from happening. The major resistance level is at 1307. That is the most likely level from which to begin the DCL.

      1. bginvestor

        $ might make a face plant here.. If it does, gold can “break out”, and break outs just don’t go straight into DCL’s.

      2. Nada

        Yes for sure. However, this may be the second daily cycle and not the first. If that is true, we have more time before this DC is ready to top.

        1. Gary Post author

          I don’t see any confirmation this is a second daily cycle. The dip in early August didn’t turn the 10 DMA down, so that was almost certainly a HCL, not a full DCL. That should still lie ahead.

  64. RetireYoung

    Rangebound until it isn’t. It has worked well playing the range. Is this time different? Where’s ADX? Still in a zig zag? Could be in a 5 wave down. We’ll see if invalidates.

  65. Dday

    ICL down to 1166, wasnt long ago , yep calling gold isnt easy. I guess the dollar needs to continue its rally in order for a significant DCL to occur. Ill wait to see if gold breaks 1310 and copper 3,significantly before piling in.

  66. Pedestrian

    So here we are early in the morning, 7:00 am NYT and it does look like gold will turn down without making a new high exceeding the prior high seen on August 11th near 1300 dollars. It is the same case for silver and platinum which have also declined creating the beginnings of a small double top with negative forward implications.

    Although it is a little too early to declare that the higher rise in gold many anticipated has ended, the opportunity does exist for short trades now should the chart become more constructive nearer the market open today if this decline continues.

    This is just the 4th trade set-up I am following since getting back to the computer after a long summer rest. Since it drives some bloggers on this site nearly apoplectic when I discuss personal trading I have decided I will not add more fuel to that fire today but rather just spell out the set up and let readers decide for themselves where this will go. My personal trading will have to remain private though.

    What I see is a second excellent opportunity to take a short-side trade on metals that could run for several weeks.

    Confirmation does not come in until we fall below the resistance line (around 1274?) which means a conservative (less risky) trade would not likely be entered until Friday or next Monday. It means therefore waiting for a further drop of some 15 dollars to stay on the safe side but also means missing out on the first part of the decline should it be confirmed.

    Naturally there are no guarantees. Gold may still surprise to the upside. You will want to consult your own technicals before getting short or getting out of long positions that could end up as losers. My focus is going to be on what looks like a good bear trade setting up today and tomorrow.

    This is what I warned about yesterday. I believe this is a bear trap so be careful.

    1. Pedestrian

      One caution here, the Euro has not broken down from its rising channel. It has fallen today but only to its channel support line so far and a reversal higher could still change the outcome for precious metals. Watch the hourly chart on that score. Similarly, Yen/$ have not broken down from the July-August bear flag and until it does there is no guarantee gold will fall as I suppose. That lower support is around .9025 at an eyeballs glance. So I can tell you I won’t be doing anything rash until I get confirmation that supports my reasoning. Yen needs to fall to make the case.
      http://finviz.com/futures_charts.ashx?t=6J&p=d1

    2. Christian

      Armchair trading is soooo much fun, eh Pedo?! Don’t forget to pull the side lever and lean back for some extra cozyness ๐Ÿ™‚

Comments are closed.